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Protecting your market

- Just because you've built a business,…it doesn't mean it's safe.…And in your business plan you should articulate…how you're going to protect what you've built.…How are you going to protect another…company from taking your customers?…Maybe you look at things like proprietary rights…that you have to the product or service.…You may look at things like patents or copyrights.…Do you have trade secrets that…nobody can replicate?…Perhaps, you put in place some…non-compete agreements,…or other proprietary knowledge and skills…that's going to keep your business safe…from competitors taking your customers.…

Now, recognize a lot of people want to go down…the patent or copyright path, however,…that's costly and it takes a lot of time.…Additionally, just because you have a patent…or a copyright, it doesn't mean it can't be defeated.…There are companies out there that will…infringe upon your patents,…there are companies who will sue you in court,…and while you may ultimately win the case,…it's going to cost you a lot of time and money…

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Author

Released

8/25/2015

Looking to build a business or expand one you're already running? You'll need to build a business plan before you do. Experienced entrepreneur and consultant Mike Figliuolo walks through the process of defining your business, researching the market, and determining your product. Once you've figured out what your product or service will be, Mike provides guidance for thinking through your sales strategy, day-to-day operations, staffing, and financial forecasting. A sample business plan is provided, so you can follow along with the development of a real-world company.